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Política Monetaria: Reglas y Discreción

Author

Listed:
  • Sergio Clavijo Vera
  • Alejandro Vera Sandoval
  • Nelson Vera Concha

Abstract

La teoría monetaria moderna de las últimas tres décadas se ha desarrollado en el marco del debate “Reglas versus Discreción”, según los lineamientos de Kydland y Prescott (1977). Sin embargo, en la práctica, la distinción no es tan evidente, generando que las autoridades monetarias mezclen en sus decisiones las “Reglas” con la “Discreción”, de acuerdo a las diferentes etapas del ciclo económico. Todo este debate ha cobrado gran relevancia durante el último quinquenio, pues los desafíos de política de la Gran Recesión han llevado a los Bancos Centrales a mezclar, como nunca antes, las Reglas y la Discreción. Ello es particularmente evidente en los países desarrollados, donde sus Bancos Centrales emprendieron políticas monetarias no convencionales. Pero también resultará crucial en la respuesta que el Banco de la República (Colombia) deberá adoptar frente al fin del auge minero-energético que enfrenta la economía colombiana. ****** Over the last three decades, modern monetary theory has been developed within the framework of the “Rules vs Discretion”debate, based on the works of Kydland and Prescott (1977). However, in practice, the distinction becomes less clear, allowing monetary authorities have mixed decisions based on “Rules and Discretion” relying on the different stages of the economic cycle. This debate has had a reat significance over the last five years, since the political challenges of the Great Recession have led Central Banks to these kinds of situations, which is articularly visible in developed countries where Central Banks have introduced unconventional monetary policies. In Colombia, this Rules and Discretion ramework is useful for the Banco de la República in order to face the end of the economic boom of the mining and energy sector.

Suggested Citation

  • Sergio Clavijo Vera & Alejandro Vera Sandoval & Nelson Vera Concha, 2015. "Política Monetaria: Reglas y Discreción," Revista Panorama Económico 15324, Universidad de Cartagena.
  • Handle: RePEc:col:000407:015324
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    File URL: http://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1375
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    More about this item

    Keywords

    Política monetaria; Discrecionalidad; regla monetaria; monetary policy; discretion; monetary rule.;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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